BIOSIM Act
Latest action (22 Apr 2021): Introduced
What this bill does
The BIOSIM Act, introduced in the House of Representatives, would temporarily increase Medicare Part B payments for certain biosimilar drugs. For a period of five years, the payment rate for qualifying biosimilars would be increased by 8 percent, instead of the current 6 percent. This increase would apply to biosimilars whose average sales price or wholesale acquisition cost is less than that of the reference biological product.
This legislation affects Medicare beneficiaries who use these specific biosimilar drugs and the healthcare providers who administer them. The bill aims to encourage the development and use of biosimilars by making them more financially attractive under Medicare's payment system.
The bill was introduced on April 22, 2021, and referred to the House Committees on Energy and Commerce, and Ways and Means. As of its introduction, it has not advanced further in the legislative process. If passed by both houses of Congress and signed by the President, it would amend the Social Security Act.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Bolstering Innovative Options to Save Immediately on Medicines Act or the BIOSIM Act
This bill increases Medicare payments for biosimilars for five years. The bill applies to biosimilars for which the average sales price or wholesale acquisition cost is less than that of the reference biological product, as specified.
Common questions
- What does H.R. 2815 do?
- The BIOSIM Act, introduced in the House of Representatives, would temporarily increase Medicare Part B payments for certain biosimilar drugs. For a period of five years, the payment rate for qualifying biosimilars would be increased by 8 percent, instead of the current 6 percent. This increase would apply to biosimilars whose average sales price or wholesale acquisition cost is less than that of the reference biological product. This legislation affects Medicare beneficiaries who use these specific biosimilar drugs and the healthcare providers who administer them. The bill aims to encourage the development and use of biosimilars by making them more financially attractive under Medicare's payment system. The bill was introduced on April 22, 2021, and referred to the House Committees on Energy and Commerce, and Ways and Means. As of its introduction, it has not advanced further in the legislative process. If passed by both houses of Congress and signed by the President, it would amend the Social Security Act.
- Has H.R. 2815 become law?
- Not yet. As of 22 Apr 2021, H.R. 2815 is introduced.
- Who sponsored H.R. 2815?
- H.R. 2815 was sponsored by Rep. Kurt Schrader [D-OR5, 2009-2022] (Democrat-OR), with 4 cosponsors.
- What's the latest action on H.R. 2815?
- Introduced (22 Apr 2021).
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